Tokyo Shares Rise After Wall Street Gains

Tokyo shares rise after Wall Street gains

TOKYO, (UrduPoint / Pakistan Point News - 12th Augst,2016) - Tokyo shares opened higher on Friday, chasing gains on Wall Street as crude oil prices rebounded. The benchmark Nikkei 225 index rose 0.67 percent, or 111.93 poits, to 16,847.05 in opening deals, while the broader Topix index of all first-section shares added 0.42 percent or 5.54 points to 1,320.37. In New York Thursday, better-than-expected earnings propelled all three US benchmarks to record highs, with the Dow Industrial Average rising 0.6 percent to 18,613.52 at the close. The S&P 500 Index and Nasdaq Composite Index also rose to fresh highs Thursday as retailers Macy's Inc.

to Kohl's Corp. posted above-estimate profits. The gain reflected the possibility that the US Federal Reserve could lift interest rates at a time other central banks are easing, as well as expectations for a strong US retail sales report on Friday, analysts said.

"The leads are upbeat today," Chris Weston, chief market strategist in Melbourne at IG Ltd., said in an e-mail to Bloomberg news.

"All eyes today are on China's data dump, although Currency traders are not as sensitive to China data as they once were. That could change soon," he said. China reports on retail trade, industrial production and fixed assets Friday. The Dollar was at 102.11 Yen in Tokyo morning trade, little changed from 102.02 yen in New York late Thursday.